Pacific Premier in Irvine, Calif., has raised approximately $59 million through a private placement.

The $1.9 billion-asset Pacific raised the funds through a sale of subordinated debt. The notes are set to mature in September 2024 and are expected to count as Tier 2 capital for regulatory purposes.

The bank may use the proceeds to "support both organic growth as well as opportunistic acquisitions, should appropriate opportunities arise," it said in a press release Tuesday.

Pacific operates 13 branches in Southern California.

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